This Retail Property is Off-Market.

141 Seneca Street
Hornell, NY 14843 ·

4,145 SF · Retail For Sale

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Jiffy Lube

Price N/A Cap Rate 8.25%
Building Size 4,145 SF Occupancy 100%
Property Type Retail Tenancy Single
Property Sub-type Vehicle Related Year Built 1991
Property Use Type Investment Lot Size 0.22 AC
Listing ID: 13813045 Date Created: 11/21/2003 Last Updated: 10/26/2004

Description

Attractive Yield: 8.25 % Initial Return, with 1.6% increases in lease every year; 25-year Absolute NNN Lease: no Landlord responsibilities; Tenant pays all expenses; Prime location with significant potential for future appreciation; Highly recognized brand; Jiffy Lube International is a wholly owned subsidiary of Shell Oil Company; 10 Year Oil agreement with Shell Oil Company. This investment opportunity is located on Seneca Street, which is a major artery in the heart of Hornell, New York. The location is approximately a block from State Highway 36 and it is within close proximity to the intersection of State Highway 21 and State Highway 36. The general area is highly trafficked for retail, commercial and residential use.
The building is 4,145 square feet and it sits on .22 acres of land. Eureka Petroleum, Inc. (lessee) took over the property in March 2003 and is slated for significant renovation in year 2003-2004. The property will be updated with all the newest Jiffy Lube equipment. The property is being sold subject to an absolute NNN lease, leaving the future buyer with no financial responsibilities.

Nestled in the Canisteo Valley, surrounded by tree covered hillsides, The City of Hornell offers a unique balance of rural beauty and a thriving business community. Located in the southwestern portion of Steuben County, known as the Southern Tier, Hornell's population is just under 10,000.

Hornell is situated at the intersection of Route 21 and 36, and Exit 34 of the Southern Tier Expressway (I-86). The city is in close proximity to some of the largest cities in New York State: 60 miles from Rochester, 40 miles from Corning and 93 miles from Buffalo.

Also nearby are a number of tourist attractions including the Finger Lakes Wineries, (art centers Corning, Rochester, ) and educational facilities, including Alfred University and Alfred State College, SUNY-Geneseo and Corning Community College.

Research

141 Seneca Street, Hornell, NY 14843 (Steuben County)

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